(1) Where this Act or any other law requires anything to be done before a person can import or export any goods or clear any goods from the control of officers of customs and the 3 [Assistant Commissioner of Customs or Deputy Commissioner of Customs] is satisfied that having regard to the circumstances of the case, such thing cannot be done before such import, export or clearance without detriment to that person, the 3 [Assistant Commissioner of Customs or Deputy Commissioner of Customs] may, notwithstanding anything contained in this Act or such other law, grant leave for such import, export or clearance on the person executing a bond in such amount, with such surety or security and subject to such conditions as the 3 [Assistant Commissioner of Customs or Deputy Commissioner of Customs] approves, for the doing of that thing within such time after the import, export or clearance as may be specified in the bond.
(2) If the thing is done within the time specified in the bond, the 3 [Assistant Commissioner of Customs or Deputy Commissioner of Customs] shall cancel the bond as discharged in full and shall, on demand, deliver it, so cancelled, to the person who has executed or who is entitled to receive it; and in such a case that person shall not be liable to any penalty provided in this Act or, as the case may be, in such other law for the contravention of the provisions thereof relating to the doing of that thing.
(3) If the thing is not done within the time specified in the bond, the 3 [Assistant Commissioner of Customs or Deputy Commissioner of Customs] shall, without prejudice to any other action that may be taken under this Act or any other law for the time being in force, be entitled to proceed upon the bond in accordance with law.
143A. [Duty deferment.]Omitted by The Finance Act, 2013 (17 of 2013), s. 80 (w.e.f. 10-5-2013).
4 [143AA. Power to simplify or provide different procedure, etc., to facilitate trade.— Notwithstanding anything contained in any other provision of this Act, the Board may, for the purposes of facilitation of trade, take such measures or prescribe separate procedure or documentation for a class of importers or exporters or for categories of goods or on the basis of the modes of transport of goods, in order to,—
(a) maintain transparency in the import and export documentation; or
(b) expedite clearance or release of goods entered for import or export; or
(c) reduce the transaction cost of clearance of importing or exporting goods; or
(d) maintain balance between customs control and facilitation of legitimate trade.]
1. Ins. by Act 8 of 2011, s. 51 (w.e.f. 8-4-2011).
2. Subs. by Act 31 of 2016, s. 248, for ―and the Securitisation and Reconstruction of Financial Assets and the Enforcement of Security Interest Act, 2002 (54 of 2002)‖ (w.e.f. 1-11-2016) vide Notification S.O. No. 3355(E), dated 1-11-2016.
3. Subs. by Act 27 of 1999, s. 100, for ―Assistant Commissioner of Customs‖ (w.e.f. 11-5-1999).
4. Ins. by Act 13 of 2018, s. 97 (w.e.f. 28-3-2018).
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